Presentation top top theme: "Chapter 1 test College Accounting. Question: An organization in which straightforward resources (inputs), such as materials and labor, are assembled and processed."— Presentation transcript:
You are watching: A(n) _________________ changes basic inputs into products that are sold to customers.
1 chapter 1 test College accounting
2 Question: An organization in which an easy resources (inputs), such together materials and labor, room assembled and also processed to provide goods or services (outputs) to customers is a(n)__? Answer: company
3 Question: A organization organized under state or commonwealth statutes as a different legal entity is a(n)____? Answer: coporation, group
4 Question: A human being or entity that has actually an attention in the financial performance the a service is called a(n) _________? Answer: company Stakeholder
5 Question: An information system that provides reports come stakeholders around the economic activities and condition of a business is _______? Answer: accounting
6 Question: Moral principles that guide the command of individuals are referred to as _______? Answer: principles
7 Question: A devoted field of bookkeeping that uses estimated data to help management in running day-to-day operations and in planning future work is referred to as _______ accounting. Answer: Managerial
8 Question: A concept of accounting that calls for that financial data be tape-recorded in dollars is the___ __ ____ concept. Answer: Unit of measure up
9 Question: The sources owned by a service are called_______. Answer: legacy
10 Question: The civil liberties of the owner are dubbed _______ _______. Answer: Owner’s same
11 Question: heritage = legal responsibility + owner equity is the ________ ________. Answer: bookkeeping Equation
12 Question: Carson offered for sale at $75,000 floor that had been purchased because that $45,000. If Zimmer payment Carson $70,000 for the floor – the amount Zimmer would record in the audit records is ______. Answer: $70,000
13 Question: The liability produced by a purchase on account is referred to as a(n) ________ _________. Answer: Account Payable
14 Question: If liabilities space $85,000 and owner’s equity is $45,000, the quantity of the heritage is _______. Answer: $130,000
15 Question: If assets are $375,000 and owner’s same is $295,000, the lot of the legal responsibility is ________. Answer: $80,000
16 Question: The quantity a company earns by selling items or solutions to its client is called _______. Answer: Revenue
17 Question: If operations because that an accounting duration resulted in cash sales of $60,000, sales ~ above account of $150,000, and also expenses paid in cash that $195,000, the net earnings or (net loss) because that the duration is ________. Answer: $15,000 Net earnings
18 Question: A review of the transforms in the owner’s equity that have emerged during a specific duration of time, such as a month or a year, is the _____ Answer: explain of Owner’s equity
19 Question: The owner’s same at the beginning of the period was $19,000; in ~ the end of the period, assets to be $98,000 and liabilities to be $41,000. The owner made no additional investments or withdrawals throughout the period. The net income or (net loss) because that the duration is ___________. Answer: $38,000 Net income
20 Question: The kind of balance sheet the resembles the an easy format of the bookkeeping equation, through assets on the left side and also the liabilities and owner’s equity sections ~ above the appropriate side, is called the ________ form. Answer: Account
21 Question: If total assets boosted by $85,000 and also liabilities reduced by $9,000 during the period, the amount and direction (increase or decrease) the the period’s change in owner’s equity to be _______. Answer: $94,000 increase
22 Question: A form of company that changes basic inputs into commodities that are sold to individual customers is a(n) __________ business. Answer: production
23 Question: A type of service that purchases assets from other businesses and also sells them come a customer is a(n) _________ business Answer: Merchandising
24 Question: A business owned through one separation, personal, instance is dubbed a(n) Answer: sole Proprietorship
25 Question: people whom the owners have authorized to operate the business are called Answer: managers
26 Question: Authoritative body that has actually the main responsibility for developing accountancy principles is the Answer: FASB
27 Question: FASB means what?? Answer: Financial accounting Standards board
28 Question: The legal rights of creditor that represent debts the the business are called? Answer: legal responsibility
29 Question: Items together as gives that will be offered in the organization in the future are referred to as Answer: Prepaid expenses
30 Question: A claim against the customer is referred to as an Answer: account Receivable
31 Question: If owner’s equity is $46,000 and also liabilities space $34,000, the amount of legacy is Answer: $80,000
32 Question: A summary of the revenue and expenses because that a specific duration of time (month, year) is referred to as a Answer: income Statement
33 Question: If operations for an accounting period resulted in cash sales of $90,000, sales on account that $40,000, and expenses paid in cash the $135,000, the net income or loss because that the duration is ? Answer: net loss that $5,000
34 Question: A perform of assets, liabilities and owner’s equity as of a certain date is referred to as Answer: Balance paper
35 Question: The owner’s same at the start of the duration was $46,000; in ~ the finish of the period, assets were $99,000 and liabilities to be $22,000. If the owner made second investment of $10,000, and withdrew $8,000 throughout the period, the net earnings or network loss would be Answer: $29,000 Net earnings
36 Question: The accounting concept the requires financial data be tape-recorded in dollars is A. Cost principle B. Objectivity concept C. Service entity principle D. Unit that measure concept
37 True or False Question:Accounting is often characterized as the “language of business.”
38 True or False Question: Accountants who render accounting services top top a dues basis and staff accountants work by castle are stated to be involved in private accountancy
39 True or False Question: Managerial accountancy uses estimated data rather of financial audit data to run day-to-day work
40 True or False Question: The ide that expenses incurred in generating revenue need to be matched against the revenue in determining net income or network loss is dubbed the price concept.
41 True or False Question:The financing tasks section the the statement of cash flows consists of cash transactions that get in into the determination of network income.
42 True or False Question:The fan of a organization are referred to as its account receivable.
43 True or False Question:A cooperation is own by not much less then 4 individuals.
44 True or False Question:A organization transaction is the occurrence of an event or that a condition that have to be recorded.
45 True or False Question:A an overview of the transforms in the owner’s equity of a organization entity the have developed during a specific period of time, such together a month or a year, is called a explain of cash flows.
46 True or False Question:A claim versus a customer because that sales made on credit is an account payable.
47 True or False Question: one account payable is a claim versus a customer occurring from a sale that allows the client to pay later.
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48 True or False Question: If complete assets boosted by $75,000 throughout a specific duration and liabilities reduced by $10,000 throughout the same period, the period’s change in full owner’s equity to be an $85,000 increase.
49 Earning Revenue increases assets, boosts liabilities rises one asset, decreases another asset to reduce assets, increases liabilities rises assets, rises owner’s equity
50 Debts owed by a business are described as legacy Liabilities share revenue
51 Earning Revenue increases assets, boosts liabilities boosts one asset, decreases an additional asset to reduce assets, boosts liabilities increases assets, rises owner’s same
52 exactly how does the acquisition of gives on account impact the accounting equation? heritage increase; liabilities decrease heritage increase; owner’s equity boosts Assets increase; liabilities rise Liabilities increase; owner’s equity decreases